Azerbaijan, S. Korea ink framework agreement on grant support

Azerbaijan and South Korea have signed a framework agreement on grant support, Trend reports with reference to Azerbaijan’s Economy Ministry Jan. 14.

The signing took place during the meeting of Azerbaijan’s Economy Minister Shahin Mustafayev with Ambassador of South Korea to Azerbaijan Kim Tong-op.

The document provides for the continuation of joint cooperation on technical assistance and grant support between the two countries.

During the meeting, the minister stressed that a legal base was created between Azerbaijan and South Korea, adding that 57 documents have been signed so far.

He noted that 74 South Korean companies are registered in Azerbaijan, and they participate as contractors in state projects.

Mustafayev stressed the expansion of trade and economic relations between the two countries and noted that the trade turnover for the eleven months of 2018 has doubled in comparison with the same period in 2017.

The South Korean side has invested about $180 million in the Azerbaijani economy, and Azerbaijan has invested $474 million in the South Korean economy, he said.

The minister stressed that according to the World Bank’s Doing Business 2019 report, Azerbaijan improved its position by rising to 32 notches and ranked 25th among 190 countries, entering the top ten reformer countries.

The South Korean ambassador said that his country is interested in expanding cooperation with Azerbaijan, adding that the signed document will be significant from this point of view.